2019-01-09

Importance of interest rates on your home loans

In today's inflating times and prior financial commitments, it’s nearly impossible to finance your house without borrowing money. And home loan would be an ideal choice because today there are reputed lenders who offer great deals and discounts to the potential customers in India. However, when you take a home loan, the most important consideration is the home loan interest rate and the entire financial borrowing revolves around it. Different lenders will offer a different rate of interest rate. Although, it won't seem a significant one, however, for long-term financial borrowing like home loan even the slightest variation could make the difference on the overall amount.

Borrowers are very keen on availing finance and thus they feel whatever particular lender offer it’s the best call off for them. However, it is not as such if you window shop home loans you will find some lucrative deals. You can try and negotiate with the lenders to reduce the home loan interest rates as much as possible to crack the best deal. With a good credit score, income source, job stability, more down payment you can negotiate with them for low-interest rate deal. To help you negotiate properly, here are few tips and tricks:

Firstly Gather Information

Don't just rely on the first lender you come across. Instead, gather as much information as possible. Try to understand about the home loan interest rates, the technical jargon, check the type of interest rates in the market, find out your loan eligibility, talk to the financial expert, etc. It will prove to be an effective strategy to negotiate for a better deal. All this information can help you decide on the loan amount, interest rates, processing fee and other charges associated thereby making it easier for you.

Documentation

It's an integral part, so make sure you have all the documents handy with you so that it won't put a full stop to your dream anywhere. Ensure there are no discrepancies as far as documents are concerned. Be honest if you have any form of an existing loan, repayment history, etc. and discuss your financial position openly with the lenders. If you have a plan discuss with them, being honest would be the key to build confidence amongst the lender who will open up better negotiating opportunities for you.

Check your CIBIL Score

When you apply for any form of loan in India, it’s the most important factor lenders will adjudge your loan upon. It helps them to decide whether they should give go-ahead for your loan application or not. It’s a figure that ranges from 300-900 assigned by credit authorities in India based on your repayment history, payment defaults, etc. If your score is above 750+ it means you carry a lower risk for the lenders as you're disciplined enough to make timely payments. It can be an excellent opportunity to get the apnapaisa home loan interest rates reduced.

Loan Timing

Festive Occasions will help you crack the best home loan interest rates deal; another wise time would be when financial institutes are coming up with tie-ups, promotional offers and when they have to meet the sales targets on a monthly basis. Apply for a home loan while nearing the end of the month when employees are willing to achieve their target. You can manage to crack some good numbers that would prove affordable on your wallets in the long run.

Bundle your loan request

If your relatives, friends are willing to take a home loan, you can bundle up your request with them. As the lender is offered more business opportunity they might reduce the home loan interest rates for you. Also, your employment status and additional income source like spouse/parent’s earnings can help you reduce the interest rates.

2019-01-09

Things you need to be aware while applying for Personal loans

Everybody experience financial contingencies at some point of time in life. When you're running out of cash, in such situation you might approach to relatives or friends. However, there would be a slim chance that you would get the required assistance from them. On the other side, loan sharks like traditional lenders are there to eat all your money with exorbitant interest rates. Thus, the best way to arrange quick and easy finance would be availing personal loans online.

Personal loans are collateral free loans which can be utilized for any purpose as long as it’s not an illegal activity or investment risk. With personal loans, you can renovate your home, go for a vacation with family, cover up medical expenses, consolidate your debts, etc. The whole idea amongst financial institutions and banks is to provide quick finance that would suffice your financial needs on time.

Today, reputed banks and financial institutions offer loans under different provisions and easy repayment options. They can be obtained without pledging at collateral and instantly disbursed to your bank account. Online personal loan aggregators’ sites would let you compare loans of peer players amongst the market in terms of interest rates, principal amount, processing fee, pre-payment charges, and principal loan amount.

You can avail minimum Rs 25,000 to maximum up to Rs 50 lakhs, with a repayment window of around 12-60 months. The competition is really stiff and thus you can avail apnapaisa personal loans anywhere between 10-22 % rate of interest and mere processing on it. A good income source, job stability, and credit score is the key to reduce the interest rate and crack the best deal that proves affordable on your wallets.

E-technology has made our life easy and you can derive loans right from the cozy corners of your home or offices. It's quick, convenient and secure. E-application form is simple to fill up and won't cost you a penny at all. Applicants can collate information of numerous lenders from the reputed aggregator sites and get a personal loan quote instantly. With the online mechanism, you can ditch the tedious paperwork and painstaking visits to branches for form submissions.

Since personal loans are developed to meet the personal ends the interest rates are offered at reasonable rates. It usually varies based on the market condition which is always volatile due to fierce competition. Lenders come up with round the discount offers that would keep the customers on the winning side!

Personal loans are provided by most of the banks and financial institution with eligibility criteria which might slightly differ based on a few simple parameters. Your credit score and existing borrowings would also be taken into consideration to check your repayment capacity.

Employment type: Salaried Individuals and Self-Employed professionals
Age: 18-60 for salaried professionals and 21 - 65 for Self-Employed professionals
Credit Score: 750+ and above to negotiate with the lenders for low-interest rate deal
Minimum Income: Rs 20,000/- (Metro Cities) and Rs 15,000/- (Non-Metro Cities)
Loan Amount: Minimum: Rs 50,000/ and Maximum up to Rs 25 lakhs
Work Experience: For Salaried Professionals - Should be working for at least 6-12 months with the current employer and For Self-Employed Professionals: The business should be running successfully for 3 years along with IT returns of minimum 2+ years.

2019-01-07

Why it’s good to compare home loans online?

The greatest worry amongst people is to own a home for themselves, especially due to the continuous skyrocketing prices of the real estate property. Today, even the richest segment need to think twice before dealing in full cash while buying the property, and for the middle class, it seems a distant dream. However, thanks to the home loan offered by leading banks and non-banking finance companies you can now afford to buy your dream home anywhere across India.

However, again the catch is how to find the cheapest home loan which proves lighter on your wallets. Well, in olden days people had to run pillar to posts, talk to financial experts, approach banks or credit union to avail loan. Since the players were less and had a monopoly we had to take the loan at their decided interest rates which would be expensive.

However, in today's time, the simplest way to find the cheapest home loan deal is to use the internet and crack an affordable deal. The online aggregator sites have a long list of trusted lenders which you can choose the home loans from that will suit your budget and meet your financial needs. The online home loan is the best bet that will allow you to compare loan, and make an informed decision right from the cozy corners of your rental home or offices. Top home loan aggregator sites compile information from the best lenders available in the city. It helps you make the best choice and stay happy with your decision ahead.

Some reason why you should compare your home loans online:

The market for financial products often tends to be risky and there can be fraud and other issues. So, it would be better you understand what you need and deserve before making a deal.

Comparison of home loans always helps you pick the correct option available amongst the lender.

You can have proper knowledge on the subject, understand the jargons associated with it and make you a prudent buyer

It allows you to have a safe and secure option that will further reduce your investment risk and prove to be a profitable deal for you

You will get the best and low-interest rate deals, affordable EMIs, maximum loan eligibility, easy documentation, longer tenure, and quick loan disbursals.

Lowest interest rate automatically means you have managed to get the cheapest home loan deal. You don't have to pay more money on EMIs and other charges.

There are a lot of leading home loan aggregator sites that will offer you online chat assistance and their expertise in comparing the loan products. Their service will always prove helpful to you as they are dedicated, efficient and experienced professional in the home loans field.

Visit renowned aggregator sites that will offer you complete assistance and be with you till you get the loan disbursed to your bank account. As a borrower, we all aim to obtain a home loan with the lowest interest rate at minimum risk.

So, start comparing and figure out the cheapest home loan online deal, now!

2019-01-05

Some benefits of applying for home loans

Home loans are the ideal way to finance your dream home project. There are some reputed private players and banks out there in the market who offer loans at attractive interest rates and flexible repayment options. You can check your loan eligibility and apply for a suitable home loan with any of the pioneer players. Home loans help you to afford your own house or property as well as avail tax benefits as per Income Tax Act 1961. There are multiple provisions or sections in the Income Tax Act, 1961 being designed to give tax exemptions to the borrowers of home loans - Section 24, 80EE & 80C.

In an internet driven world and even the home loan lending sector is not lacking the race anywhere. There are reputed players who offer home loans online with just a few clicks on your smartphones, laptops or computers. The processing of applying for home loans has been simplified with the internet facilities and these e-home loans are quick, convenient and secure. Some companies have introduced smartphone app wherein you can compare quotes online, make an application, get your loan disbursed as well as pay monthly instalment online.

These home loans can be applied right from cozy comforts of your home, offices or while on the move. E-home loans are introduced in a bid to boost the number of home loan borrowers across India. There are home loan calculators as well that gives transparency on loan eligibility, monthly instalment, and interest outgo. Thus, before you apply for a loan you have a complete forecast on how your loan repayment looks like and set a plan to repay it comfortably. The best part about online home loans is that you can compare quotes of multiple lenders in real time. Home loan interest rates will differ across different housing finance institutions and banks.

Some of the major benefits to apply for home loans online would be as follows:

Quick And Convenient: Gone are the days when people had to run pillar to post to apply for housing loans. It was all hassles of visiting multiple branches, fill up forms, submit them along with documents and wait for the loan status. Once the loan was approved they would hand over the cheque to you who would again take a lot of time and hassle of re-visits. But e-home loans are instant, easy and secure. You only need to invest your little time at any time of the day or night, compare quotes, choose a suitable lender and make an application online.

Faster processing: Online applications to approvals are much speedier compare to offline counterparts. With e-housing loans, you get home loan eligibility calculators wherein you can check the loan eligibility by yourself. You don't have to sit financial planners and do all the brainstorming about monthly installment and interest outgo.

Speedy sanction: As we said earlier, the sanctions of e-home loans are much speedier and the disbursal time is much faster than the traditional way. The system is designed as such to do instant maths and give an idea on whether the loan is accepted or rejected quickly, without wasting the time of parties, i.e lenders or borrowers

Home loans are stepping stone towards achieving your biggest dream of life. Availing the right housing finance could be a daunting task if you don't have knowledge on the subject. It’s better to understand the jargons, terms, and conditions associated with it. The retail loan segment is on a boom and interest rate on home loans are really on a dipping side. It's just the right time to apply for home loan and turn your dream into a reality now!

2019-01-05

Some benefits of applying for home loans

These home loans can be applied right from cozy comforts of your home, offices or while on the move. E-home loans are introduced in a bid to boost the number of home loan borrowers across India. There are home loan calculators as well that gives transparency on loan eligibility, monthly installment, and interest outgo. Thus, before you apply for a loan you have a complete forecast on how your loan repayment looks like and set a plan to repay it comfortably. The best part about online home loans is that you can compare quotes of multiple lenders in real time. Home loan interest rates will differ across different housing finance institutions and banks.

Some of the major benefits to apply for home loans online would be as follows:

2018-12-31

The need for fulfilling personal loan eligibility in India

In India, inflation is on an all-time rise and so is the cost of living. Thus, there are many people who are unable to take care of financial expenses on their own. Hence, at such times, there are many people who opt to resolve their financial crises by opting for loans. However, many-a-time, these people fall into the traps called as loan sharks and traditional financiers. The reason why we are denoting traditional financiers as traps is because they take advantage of people’s problems and provide them with high-interest rate loans. Also, the new-generation believes in spending a high amount of money on gadgets, trips, etc. and this causes further financial mismanagement. However, now people can make use of personal loans and relieve their financial worries without a second glance. The best thing about these loans provided by banks and FINTECH companies is that they have lower interest rates than the ones provided by loan sharks. However, you need to fulfill the personal loan eligibility stated by these financial institutions to make use of these loans.

But before discussing the eligibility criteria, let us understand the need for these loans. A personal loan is nothing but an unsecured form of a loan that you can make use of, to resolve your financial problems. You can make use of the money from a personal loan for anything and everything- such as purchasing a new gadget, buying a new motorbike or paying off your wedding expenses. The personal loan eligibility criteria given out by banks and NBFCs (non-banking financial companies) are as follows:

The financial assistance provided by a personal loan is unsecured in nature; thus, you don’t have to submit any form of collateral to the financial institutions. However, the banks and NBFCs (non-banking financial companies) scrutinize your credit score and history- because your credit history reflects your financial awareness. And also, make sure that you have a credit score above 700; to be able to obtain a personal loan. This credit score is given out by CIBIL and is in the range of 300 to 900. Therefore, the only way for you to maintain a good credit score is to repay all of your past and current debts.
Your financial income is another important personal loan eligibility criterion. The banks and NBFCs (non-banking financial companies) check your financial income to ensure that you will be able to repay the loan amount. Thus, you need to show a stable income source to the financial institutions. The repayment of the personal loans is done in the flexible form of EMIs (equated monthly installments); these installments are calculated on the basis of your principal loan amount, repayment tenure and the interest rates charged by the financial institutions.
Also, make sure that you have all the required documents with you. This is because you need to submit your identification and salary documents to the financial institution when you apply for a personal loan.

Thus, these were the few personal loan eligibility criteria that you need to fulfill to enjoy the loan services. Good luck and all the best!

2018-12-29

Criteria for personal loan comparison & tips to find the best one!

You can have countless reasons to opt for a personal loan! In most cases, people hope for such financial aid to manage emergency medical expenses or to host a wedding. Some aspirants also apply for such loan instruments to consolidate the debt or even to pay recurring credit card bills. You can even use such funding options to pay for a domestic or international tour package. Luckily you don’t have to state or convince any loan lender as to why you are borrowing funds for. You just have to do the personal loan comparison right and apply for it!

Such unsecured loan offer many benefits over other types of loan products. As per the principle, the processing time is less on such loans and you are not conditioned to submit any collateral security. Fortunately, there are many financial institutions that lend instant personal loan, so you could many options to do the personal loan comparison. And to make sure you chose the best loan product, you can evaluate different personal loans on the following basis.

Start with choosing right loan lender:

Since most of the public and private banks and Non-Bank Financial Companies (NBFC) now offer you affordable personal loan options. But it can be hard to compare and pick the best loan product that meets your needs, as you need to thoroughly study the loan product and its feature. And to save some time and efforts in personal loan comparison, you can choose a loan lender that takes less time to process the application and disburse loan amount quickly. While most the public banks take 2-3days to process working days and a week to disbursement. Most NBFCs take 1-2hours to process the application and a day or two to disburse the loan amount. Choose the loan lender as per the urgency of the financial aid.

Personal loan comparison is all about rate of interest:

Most of us just focus and compare interest rates on personal loan products offered by multiple loan lenders! Some people just pick a loan product that has the lowest rate of interest and call it a day. But there are other factors you need to mind before applying for a personal loan. We get it, you have to pay the amount of interest while repaying loan amount! But you also have to pay for the processing fees on the loan application. It is wise to compare Annual Percentage Rates (APR) on personal loan products.

Loan lender that offers a reduced rate of interest!

Some people would stop their personal loan comparison drill as they find out the interest rates on such loan products are higher. Not many aspirants know this fact but a loan lender could offer a reduction in the rate of interest if you have a decent CIBIL score to your name. Never undermine the importance of a good credit score as it can give you eligibility to negotiate some terms with the loan lender. This brings us to the first point we mentioned, find the right loan lender.

Mind the loan repayment options:

If you are doing your personal loan comparison task right you would notice most loan lenders keep the option to repay the total loan amount even before the tenure period ends. But most banks charge around 2% to 5% fees on such repayment arrangements. Although you know your financial planning well, it would be good to have such options to consider.